ETF Or (GLD) / achat or papier/ danger

depuis l'annonce de greenlight, d'autres fonds sortent de GLD et pas des petits

www.lemetropolecafe.com




GLD ETF
Hi Bill
This is the first time I've seen the GLD holdings decline while the price of gold is rising.
Ever since the Greenlight Fund said they were swapping from paper gold to 'real' physical gold there's been a steady sell off in GLD holdings.
According to TickerSpy, since Greenlight announced their change the following funds have sold out of GLD:
Augustine Asset Management - 1.9m
Churchill Management Group - 0.4m
CI Investments - 424.7m
Manley Asset Management - 1.1m
Pate Capital Partners - 4.54m
TD Securities - 2.0m
United Financial - 7.1m
I can only presume that the investors in GLD are starting to wise up as to what they are holding.
Cheers Nick

tiens donc ... jetez un oeil sur les plus gros détenteurs de ETF Or GLD..



by coutoisy of www.lemetropolecafe.com

JPM arrive en 2eme position..

surement aucun rapport avec notre file "les mystéres du comex.." où l'on apprend que les parts de gld sont, pour les livraisons comex, aussi valables que de l'or

poum sur Hamilton et son dernier article sur GLD.. il l'a pas volée, celle là ..

voici d'abord son article

http://www.gold-eagle.com/gold_digest_08/hamilton121109.html


et le commentaire



Adam Hamilton's Sloppy, Inept Commentary On GLD


I was somewhat shocked to read Adam Hamilton's freebie essay posted on http://www.goldseek.com/ in which he tries to discredit the growing chorus of analysts who are taking a close look at GLD's Prospectus and throwing up a big red flag on the GLD operations. It is readily apparent that Hamilton has not spent time reading the GLD prospectus. His criticism is of the fringe element out there hurling obviously unfounded accusations. Hamilton, in an uncanny display of incompetent analyis, completely avoids the obvious legal loopholes - loopholes large enough to drive a freight train through - and he fails to address the real problems with GLD's legal structure. If you're interested, please review my 12/2 post on GLD: LINK

One of the biggest problems with GLD is the lack of any accountability from the Custodian, HSBC, for the location and physical inventory of the actual gold bars. Hamilton tries to address the issue of the lack of a bona fide audit of GLD by throwing up that he's an ex-auditor ("I eat breakfast every morning 300 yards from 3000 Cubans who are trained to kill me" - Jack Nicholson in "A Few Good Men"), and since GLD links its audit report on its website and he's read that audit report, it's okay.

HOWEVER, if Hamilton had spent time thoroughly reviewing the Prospectus, he would see that a physical audit is not required and that the annual financial audit is nothing more than an inspection of the financial records provided by the Trustee. As per the Prospectus, there are several ways in which the Custodian can throw roadblocks to an actual, bona fide physical audit. I leave it to the reader to look at my report on GLD and read the Prospectus for themselves.

Hamilton also points to the "Inspectorate Certificate" newly linked on the GLD website. But this "certificate" is a complete farce. Again, I admonish Hamilton for sloppy, incompetent work. The certificate clearly states "As per the records of the Custodian..." LINK. THE PRIMARY PROBLEM WITH THE VERY LEGAL STRUCTURE OF GLD IS THE WAY IN WHICH THE CUSTODIAN HAS NEARLY ZERO ACCOUNTABILITY. Do your goddamn homework Adam. This "inspection of the bullions bars" is nothing more than an inspection of the records - paper records - provided by HSBC. Anyone see a problem here? There is still NO bona fide physical audit of the actual bars. And the legal structure of GLD makes it impossible to force a genuine bar count AND formal assay audit.. We know we need an assay inspection of the bars because of all the "salted" London bullion bars being discovered in depositories across the globe ("salted" = gold plated tungsten).

One more point about Hamilton's defense of the audit firm and audit process of GLD. I guess he wasn't around when Enron imploded from massive fraud. I vividly remember Enron because I started shorting it in the $40's and made a lot money when Enron imploded a few months laster. In fact, the Enron Ponzi scheme took down its auditor, the formerly highly regarded Arthur Andersen. Next time an ex-CPA tries to defend his profession, grab ahold of your wallet and run. In my GLD report, written 10 months ago, I suggest that GLD has the possibility of being the next Enron.

When I first started exclusively researching/investing/trading the precious metals and mining stock sector, I actually subscribed to Hamilton's newsletter for a short period of time. It didn't take reading too many issues before I understood that Hamilton's research and analysis of mining stocks lacks any real substance and due diligence. His reports are overly verbose, self-adulating and narcissistic. They do contain some excellent statistical work in which he meticulously massages empirical trading data in the context of simple technical analysis. This current commentary on GLD, however, reminds me why I haven't paid attention to his work for over 6 years.

******************

autres commentaires du courrier lecteurs Midas.. bien sentis, eux aussi ..

www.lemetropolecafe.com

Adam Hamilton
Hi Bill,
Adam Hamilton's article "GLD Conspiracy Theories" has to quality him for moron of year honors.

The article is full of garbage, but here is the worst of it.

He claims that because "conspiracy theorists" are a tiny minority, they can not be right.
He makes a very weak argument that those who speak against the GLD ETF have a hidden agenda, but ignores the agenda of those who own the GLD ETF.

I believe that this article is a produce of willful ignorance and foolish pride. The truth is right in front of him. Where everyone else can choose to ignore it, because of his position, he has to react. Here was my reply to him:
<BLOCKQUOTE>With fraud all around us, I am surprised to see you defending GLD. The central banks, investment banks and government are all in bed together. You don't talk about any conflicts of interest on that front.
By steering people toward GLD, all you are doing is keeping a lid on the premium for GTU and coins. More more me. </BLOCKQUOTE>
This is one small vignette in the long bull market. I become more bullish all the time. It is clear that many otherwise bright people simply refuse to see what is before their eyes. Did you see the interview of Jimmy Rogers by Maria Bartaromo the other day? Here is the link: https://www.youtube.com/watch?v=4HkbS4aDCU0

It is astounding that all of this is out there, eloquently presented, and yet nothing changes. I guess most people simply are not wired to accept the truth. It's hard for me continue to be sympathetic toward a populous that is so willfully ignorant.
Best,
V
Dear Mr. Hamilton,
Your article "Gld Conspiracy Theories"
I noticed in your article that you admitted that you don't know if the gold is in the GLD ETF or not. "Conspiracy theorists always ask how I know that GLD really holds physical gold bullion as advertised. I don't know, and neither do they." I find it surprising then you would have the audacity to write a lengthy article essentially claiming that people who don't believe the GLD ETF holds all or part of the gold claimed to be held are conspiracy theorists. Notably absent from your article was any analysis at all of the prospectus of the ETF, which I have taken the time (a lot of time), to read and understand. My conclusion after reading was that there is absolutely no right to see the gold in their vaults. I also took the time to read and study the prospectus of the CEF fund. I reached the exact opposite conclusion about CEF, that an investor can see the gold in the vault.

I think in fairness to your readers (and the conspiracy nuts), you should discuss alternative vehicles to GLD that have less risk associated with them, such as the GTU and/or CEF. Both are equally easy to purchase and sell. Indeed, 5 years ago, anyone accusing Mr. Madoff as a scam artist would have been ridiculed as a nut, tin foil hat wearer, or a conspiracy theorist, but we know better today, don't we?
Best regards,
Paul Maddock

et pour terminer avec ce désastreux topo de Hamilton,
et notamment ce §

Citation :

"Conspiracy theorists always ask how I know that GLD really holds physical gold bullion as advertised. I don't know, and neither do they. Nothing is certain in the financial markets, and the anti-GLD crowd hypocritically tries to hold GLD to a standard that no other investment is held to. All markets are based on trust, and as investors we can never be certain whether anything is legitimate."

la très sobre réponse de James Turk

http://www.fgmr.com/fractional-reserve-aspects-of-gold-etfs.html

ETF Or GLD c'est à 80 % des futures, et pas du physique .. et c'est Deutsche Bank qui le dit

www.lemetropolecafe.com



Deutsche Bank's Lewis Says Gold May Rally Past Record on Crisis
Bill,
Deutsche Bank confirms gold ETF’s are 80% futures. Therefore they are not backed by physical gold as claimed!
http://www.businessweek.com/news/2010-06-04/deutsche-bank-s-lewis-says-gold-may-rally-past-record-on-crisis.html
QUOTE
The precious metal may rise to as much as $1,700 an ounce over the next year on concerns that budget deficits will weaken major currencies, Lewis said in an interview yesterday in Lima. Exchange-Traded Funds, known as ETFs, where gold futures make up 80 percent, are also having an "enormous impact," he said.
END
Cheers
Adrian

lettre ouverte au département de la justice us sur gld et slv

http://www.zerohedge.com/article/liberation-essays-no-2-must-read-all-shareholders-slv-and-gld

à lire dans le détail .. c'est long mais fort instructif

on y apprend notamment que seuls les participants autorisés sont autorisés à échanger leurs parts contre du physique .. 5 de ces ces participants ( Deustche Bank, Goldman Sachs, HSBC, JP Morgan, and UBS, ) sont les clearing members du LBMA.. tiens donc ..
la liste compléte ( où figurent nos habituels suspects ) étant :

BMO Capital Markets Corp., CIBC World Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. Incorporated, Newedge USA LLC, RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and UBS Securities LLC

celle là vaut son pesant d'or !
le patron du managing de GLD, ne posséde pas de parts gld, et d'une ...

et de 2 , parmi les cadres dirigeants du WGC ( qui sponsorise GLD), c'est pareil == > aucun ne posséde de parts dans l'etf GLD

amusant, non?

en revanche, Jason Toussaint ( le managing director de gld ) posséde bel et bien du physique, et des miniéres.

le dernier § de l'article précise que si les coffres de hsbc / gld sont audités, ceux des intermédiaires qui gardiennent pour le compte de hsbc, ne le sont pas.. et surtout qu'en cas de faillite de HSBC, toutes les barres non allouées pourraient être réclamées par les créanciers de hsbc.. ce que Toussaint et les pontes du WGC doivent savoir ..

www.lemetropolecafe.com


Dave from Denver…
Friday, August 27, 2010


GLD Managing Director Jason Toussaint Does Not Own ANY GLD Shares...


BUT he owns physical gold and mining stocks. Greg in Chicago alerted me to a blog post by Jeff Nielson on seekingalpha.com. It regards an interview of Toussaint on Canada's Business News Network (BNN). As Nielson points out, Touissant admits at the end of the interview that he owns physical gold but does not mention that he owns any GLD. Here is the link to interview - I've linked part 2: Toussaint = The Big Whiff The relevant comment starts at the 5:44 mark. The 10-K I've linked below confirms that Toussaint indeed does not own ANY GLD shares.

But there's so much more if you listen to both parts of the interview. Let's get the basics out of the way. Jason Touissant is the Managing Director the GLD Trust and principle executive officer World Gold Trust Services, the sponsor of the GLD Trust. All of this information can be gleaned from the GLD 10-K, which I've linked here: GLD 10-K

Note that on page 76, as Jeff Nielson picked up on from the BNN interview, that NO officers and directors of the World Gold Council or of the GLD Trust own ANY shares. No insiders own shares. Why would that be the case? If GLD is as good as owing physical gold, and is fully backed by physical gold, why would Toussaint admit to owning his own physical gold, but not express confidence in the fund that he oversees by owning some the stock in GLD? We would NEVER own any mining stocks in our fund in which insiders did not own a meaningful amount of shares. In fact, with our junior mining stock holdings, insiders typically own 10-20% of the company.

Now let's get to other interesting aspects of the interview that Nielson did not cover. At the 4:25 mark in Part 2, Toussaint makes the statement that the bar auditor of GLD audits the bars twice a year and physically handles each of the bars once per year. HOWEVER, the auditor, Inspectorate, only looks at the bars in the HSBC vault. As per the prospectus, HSBC has subcustodians with which there is no formal contractual agreement and the prospectus specifically states that no one can have access legally to the subcustodian vaults. Here is the latest inspection report from Inspectorate, the inspection firm: LINK This particular report describes the semi-annual random sample audit.

This is great that an inspection firm goes into the HSBC vault and samples the bars for authenticity and serial numbers, but what about the bars that are at the subcustodians? And you are asking me to believe that Inspectorate counts all 104,325 bars (the number of bars that would be in the vault as of 8/26) and verifies serial numbers and stamps and reconciles them with the Custodian's records? I refuse to believe that. I would bet that the annual audit is another statistical sample BECAUSE no one is allowed to have access to the subcustodian vaults. In fact, now that I think about it, there have been articles in the recent past which have demonstrated dozens of inconsistencies at GLD and SLV between the actual serial numbers on many of the bars and records kept by the Custodian of each Trust.

Finally, Toussaint makes the statement that the bars are held in allocated form, meaning that within HSBC's vault, all of the GLD bars are placed in a separate holding area and the shareholders of GLD have direct claim to those bars. If HSBC blows up, something that is within the realm of possibilities, the GLD Trust gold is not part of HSBC's asset/liability list. HOWEVER, the prospectus specifically states that gold which is being transported in and out of the vault and the gold which is being held for redemption by an authorized participant exchaning a minumum of 10,000 shares for bars in the Trust, sit in unallocated form. And the bars at the subcustodian are in unallocated form.

The significance of this is that if HSBC blows up, any unallocated bars become part of the claim of the general creditors to the HSBC bankruptcy proceedings, and the GLD Trust has to stand in line with all of the other unsecured creditors to receive payment, if any, on its claims. The Prospectus specifically states that, in the event of an HSBC bankruptcy, unallocated bullion bars could result in material loss to the Trust.

Perhaps this is why no World Gold Council officers and directors, and specifically Jason Toussaint, the Managing Director of the GLD Trust for the WGC, do not own any personal shares of GLD. They know the Golden Truth.

en parallèle avec la décrue de l'open interest gold et silver , depuis le plus haut des 1400 gold ..

on assiste également à un déclin important des stocks gld et slv

www.lemetroplecafe.com


Main gold, silver ETFs post major monthly outflows
* Gold ETF sees second largest monthly outflow ever in Jan
* Holdings firm at month-end but 53.6 T down from end-2010
* Main silver ETF holdings drop by most ever as prices slide
LONDON/SINGAPORE, Feb 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted for January the biggest monthly drop in its holdings since April 2008 and its second-largest outflow ever.
The main silver ETF, the iShares Silver Trust , also reported the largest ever one-month drop in its holdings in January. The amount of silver it holds fell 495 tonnes to 10,426.43 tonnes, its lowest since early November.
The SPDR Trust, which issues securities backed by physical stocks of precious metal, said its gold holdings edged up to 1,227.153 tonnes on Jan. 31 from 1,224.118 tonnes the previous day, the first rise since Jan. 21.
But they still fell 53.6 tonnes or just over 4 percent in the month as a whole. This accompanied a 6.2 percent drop in spot gold prices , their worst monthly performance since December 2009.
Philip Klapwijk, chairman of metals consultancy GFMS, said that while gold would retain support from low interest rates, concerns over the global economy and waning confidence in paper currencies, ETF outflows may weigh on prices in the short term.
"If there is selling out of ETFs, it will put downward pressure on the price," he told Reuters. "(Though) I don't see this as the big turning point in the market."
SPDR Gold Trust holdings hit a record at 1,320.436 tonnes on June 29. The ETF is still the world's sixth-largest holder of gold after the central banks of the United States, France, Germany and Italy, and the International Monetary Fund.
For details on the gold holdings of the ETF listed in New York and co-listed on other exchanges, click on:
http://www.exchangetradedgold.com/

Following are changes in SPDR holdings:

Jan 31 1,227.153
Jan 28 1,224.118
Jan 27 1,226.546
Jan 25 1,229.581
Jan 24 1,260.843
Jan 21 1,271.769
Jan 19 1,251.433
Jan 18 1,256.897
Jan 14 1,259.325
Jan 13 1,265.093
Jan 11 1,271.467
Jan 10 1,272.682
Jan 7 1,271.164
Jan 5 1,272.682
Jan 4 1,276.472
Dec 30 1,280.722
Dec 28 1,284.062
Dec 23 1,284.973
Dec 22 1,288.616
Dec 21 1,298.029
Dec 17 1,298.940
Dec 16 1,283.757
Dec 15 1,286.187
Dec 14 1,286.794
Dec 10 1,289.830
Dec 9 1,293.778


un des lecteurs du Midas, avance à ce sujet une hypothése fort interessante
<BLOCKQUOTE>Hi Bill,
Re the FOFOA/GLD debate, I would like to toss in another theory to explain the large redemption of physical gold from GLD.

If you assume, for the sake of argument, that there is a large naked short position in GLD, it follows that "phantom shares" have been created and are now part of the pool of outstanding shares. As blocks of shares are redeemed in exchange for physical gold, the "pot of gold" that backs the still-outstanding GLD shares would continue to get smaller and smaller. Carry this to its logical extreme and you end of with no physical gold at all and shares outstanding (equal to the number of naked shorted shares) that can be redeemed for bupkes since all the gold is gone. Then comes the sting -- the shorts (who probably hedged themselves with physical gold) now cover by buying GLD shares that are being dumped for a fraction of any gold-related price.

There may be a gaping hole in my analysis, but it certainly would account for a flight from GLD by anybody who has figured out this game of musical chairs and doesn't want to be left standing when the music stops.
Herb Berkowitz
Anchorage</BLOCKQUOTE>

d'après les sources londonniennes de Kingworlds news, les asiatiques prendraient livraison d'argent métal via ETF argent SLV...comme ils l'ont fait auparavant pour ETF Or gld

ça expliquerait bien, en tout cas, les dégagements massifs rapporté plus haut .. et c'est tout ce que vous voudrez, sauf BEAR ( baissier )



pour slv, etf argent

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/15_London_Source_-_Asians_Buying_SLV_to_Take_Delivery_of_Silver.html

pour gld, etf or

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/7_KWN_Source_-_Expect_Massive_Chinese_Gold_Buying_Using_GLD.html

à lire absolument, c'est de la bombe !!!!

tiens donc ..

ETF Or GLD : plus gros désengagements quadrimestriels, depuis 2004

personnellement, je vois ça d'un TRES beau oeil. , puisque ça confime ce qui a été dit plus haut dans la file
- défiance accrue des investisseurs dans ce type de support .. surtout celui là !
- préférence pour or physique plutôt que promesse d'or physique
- et surement en prime, des demandes massives de livraison par chinois .. comme expliqué précédemment

et je ne crédite pas du tout les raisons évoquées par reuters .. anticipation hausse des taux intérêt par les banques centrales ...
c'est tellement faux leur analyse .. que justement ces sorties GLD n'affectent aucunement le cours du spot à la baisse ..

faudra voir qui est sorti ..

souvenez vous notamment de Greenlight qui avait converti, en juillet 2009, 4.2 millions de parts gld en lingots .. ( voir en page 1 de la file )
ça n'avait pas vraiment été baissier pour le cours de l'or ... comme on veut nous le faire croire, dans cette pseudo analyse reuters


Gold ETF posts biggest quarterly outflow since 2004
*SPDR posts biggest quarterly drop since inception
* Investors seen shifting to other commods, bonds
SINGAPORE, April 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted in the first three months of 2011 its biggest quarterly drop since inception as the prospect of interest rate hikes and gains in other commodities drove investors to sell.
The SPDR Trust, which issues securities backed by physical stocks of precious metal, said its holdings stood at 1,211.229 tonnes by March 31, down 5.4 percent from 1,280.722 tonnes in the quarter to December 2010. That represents the holdings' biggest quarterly drop since the trust was created in 2004.
Concerns about inflation, nervousness about the health of the global economy and geopolitical turmoil in recent years have drawn investment into exchange-traded vehicles such as the SPDR, which issue securities backed by physical metal and allow investors to gain exposure to underlying gold prices without taking delivery of the metal.
The SPDR's holdings are equivalent to around half of global annual mine supply and are worth some $56 billion at today's prices.
"There's a likelihood central banks around the world may raise interest rates soon. This could increase the opportunity cost of holding gold and reduce its appeal," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore…
http://af.reuters.com/article/metalsNews/idAFL3E7ET16120110401

Rob Kirby s'insurge bien évidemment contre l'analyse de nos 3 reporters .. arguant que la hot money va sur les obligations et autres matières premières
et la séance d'aujourd'hui montre à quel point ces analystes sont vraiment minus .. pour ne pas dire plus

Citation :

*SPDR posts biggest quarterly drop since inception

* Investors seen shifting to other commods, bonds

au sujet de mon hypothése plus haut .. le tonnage de l'ETF argent SLV n'a pas subi la même désaffection.. au contraire, il fait de nouveaux plus hauts ..
il s'agit donc peut etre tout simplement d'un réarbitrage de etf or GLD vers etf argent SLV... en ligne avec la baisse du ratio argent /or ..

mais cette "fuite" GLD me fait sérieusement penser à celle des spéculateurs "others reportables " sur le comex... je réfléchis tout haut ..


je vous laisse avec Kirby , qui montre à quel point la demande "or" reste forte , versus la demande indienne et chinoise.. qui sont comme vous le savez, les locomotives de ce marché ... ce que nos 3 ânes analystes ignorent superbement ..

www.lemetropolecafe.com

Bill;
This appeared in Monday’s Midas:
<BLOCKQUOTE>
Gold ETF posts biggest quarterly outflow since 2004


*SPDR posts biggest quarterly drop since inception
* Investors seen shifting to other commods, bonds
SINGAPORE, April 1 (Reuters) - The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust , posted in the first three months of 2011 its biggest quarterly drop since inception as the prospect of interest rate hikes and gains in other commodities drove investors to sell……. </BLOCKQUOTE>
Following the link, the reporters who excreted this [manure] are listed as: Lewa Pardomuan, Jan Harvey and Nick Trevethan; Editing by Clarence Fernandez)
Are these “reporters” really trying to convey the notion that bonds and other commodities [Note: no mention of silver] have become more attractive to investors than gold? Are we to believe that these reporters – working for an international news gathering agency – are unaware of this:
<BLOCKQUOTE>
SLV Inventory Hits Record High


The “tonnes in the trust” at the world’s most popular silver ETF – the iShares Silver Trust (NYSE:SLV) – reached a record high yesterday at just under 11,000 tonnes after a series of additions over the last month totaling more than 600 tonnes.</BLOCKQUOTE>

Of course, expecting Thompson/Reuters to “pick up” on the notion that the recent narrowing [halving] of the gold / silver ratio – from 75 to 37 has been one of the most DOMINANT themes in the precious metals arena for the past few months – talked about throughout the mainstream financial press by such luminaries as Eric Sprott – would be expecting too much.
And, of course, you’d never expect anything “newsy” – like record forecasted demand for physical bullion in India cloud your perspective.
<BLOCKQUOTE>
India gold imports to hit record high in 2011


March 22, 2011
MUMBAI (Commodity Online): Gold imports by India, the largest consumer and importer of the yellow metal in the world, is going to touch a record high in 2011 despite the high prices of gold.
According to initial estimates by the Bombay Bullion Association (BBA), imports of gold by India is steady and strong and could hit a record of 800 tons this year.
“Gold import by India is going up every month despite the high gold prices. Strong jewellery sales and consumer investment demand for gold are the main drivers for the surge in gold imports,” a BBA official said.</BLOCKQUOTE>
Maybe these Reuters “hacks” should stop and read what their co-worker – Fayen Wong – had to say about Chinese physical gold bullion demand back on Feb. 16, 2011:
<BLOCKQUOTE>
http://www.reuters.com/article/2011/02/16/us-icbc-gold-idUSTRE71F1MO20110216

China gold demand growing at "explosive" pace: ICBC


By Fayen Wong
SHANGHAI | Wed Feb 16, 2011 5:20am EST
SHANGHAI (Reuters) - Demand in China for physical gold and gold-related investments is growing at an "explosive" pace and its appetite for the yellow metal is poised to remain robust amid inflation concerns, said an Industrial and Commercial Bank of China (ICBC) executive….</BLOCKQUOTE>
The reality is that 75 % plus of all bonds being issued are being bought [monetized] by the U.S. Federal Reserve. There is no private demand for bonds. Investment demand for physical bullion continues to ramp up at unprecedented rates AROUND THE WORLD. Regrettably, any lack of interest in GLD – is offset with record demand for SLV [I say regrettably, because both are likely frauds] – likely institutions playing the narrowing spread. Another likely reason for lack of or diminished interest in GLD is the fraud likelihood: the largest buyers of physical bullion are becoming much better informed that the Spiders GLD ETF has MAJOR shortcomings regarding the custody / ownership of metal they purport to have.
So congratulations Lewa Pardomuan, Jan Harvey and Nick Trevethan – you have shown not only that you have contempt for your readership, you are a disgrace to financial journalism. But then again, on the bright side – all three of you have shown yourselves to be more than qualified to work with Jeff Christian at CPM Group. If Jeffrey isn’t hiring, I’m sure he would be happy to forward your names to Philip Klapwijk over at GFMS, who have not told a straight story on precious metals in more than 10 years.
Best,
Rob Kirby

GLD, c'est décidément pas de l'or physique



la dernière étude de Casey Research, de Doug Horning confirme en tout point, l'arnaque qu'est GLD, qui se présente comme un etf or, backé sur du physique, avec livraison or physique optionnelle.



pour échanger ses parts contre du métal, il vous faudra, en sus des commissions, montrer patte blanche

cad avoir au moins 100.000 parts ET être accrédité ( être broker ou market maker )



et bien entendu, que vous soyez actionnaire ou non, impossible de visiter la fameuse réserve, aussi mystérieuse que celle de Fort Knox



l'analyse de Casey Resarch

http://www.caseyresearch.com/cdd/behind-scenes-gld



et les commentaires et doc complémentaires de Chris Powell

http://www.gata.org/node/10366

LOL, je vois qu'il vient de sortir une vidéo, où l'on voit Bob Pisani visiter la réserve de GLD...

entre autre rigolade, le lingot numéroté brandi par le reporter n'est pas répertorié dans la liste fournie par GLD

quel dommage...





http://www.zerohedge.com/news/some-observations-bob-pisanis-visit-glds-vault



mais ce qui est vraiment marrant, c'est qu'ils aient enfin craqué en produisant ce document, totalemment bidonné...



les réactions d'un vétéran de chez Midas



www.lemetropolecafe.com





Bill H:

They must think we are idiots?

To all; below my comments is an article posted by "Tyler Durden" from the Zerohedge website regarding the CNBC video released showing the alleged vault holdings of GLD. "Conspiracy nuts" far anfd wide (including myself) have contended that the vault, auding and custodian precesses of GLD are suspect. I find it absolutely hilarious that CNBC would be "allowed' into the vault" with Bob Pisani being blindfolded and stripped of cell phone and any other GPS devices only to be shown holding a Gold bar whose serial number doesn't even show on their "barlist". How sloppy is this? "They know" that the "Goldbugs" are complete conspiracy nuts who have to be shown something in black and white (in this case yellow) that is and can be verified to be believed.

Did they think that 100's if not 1000's of us "conspiracy nuts" wouldn't check the serial numbers shown? We are like a "Sherlock Holmes society" when it comes to this stuff. Coin melt or tungsten and not in good deliverable form? German swaps, Gold with the Russian Czar's stamp on it? True global supply and demand? These are all things that "normal people" take at face value but not us conspiracy nuts! We want and dig for the truth because as time has gone on, more and more the numbers just didn't and now really JUST DON'T add up!

Did CNBC just figure the sheeple would oooh and ahhh looking at some Golden bars? Did they do this piece because some people have finally gotten smart and are buying physical rather than the ETF and they needed a publicity piece to help divert demand away from the real thing and back into their "thing"? I could go on and on as many have done about the prospectus loopholes but I won't. All I know is that if your enemy who is already known and admitted to misdealings (HSBC, JPM?), are acting as custodians for holdings that you know they are "short of", do you really want to be involved? Do you want them to safeguard your assets when you already know these markets are fractionally reserved? Do you really want an entitiy(s) which is short to even be tempted by your "stash" when they are pressed to deliver? I'm not sure I am making my point here so in plain street English "would you put a wolf that hasn't eaten in 7 days in charge of your chicken coop"?

The whole system from top to bottom and side to side is a fraud and is based on a fraudulent currency, the Dollar. Do you think the issuer of that currency or their minions would ever hesitate one second to eat your eggs or chickens and leave you to go hungry? Very sad to say that you must think and do for yourselves because no one else will. The world has changed and neighbors don't help neighbors anymore just as the government is not "here to help you" especially if you are self sufficient? Don't wait around to find out whether the Gold or Silver "is really there". Do it yourself, that way you KNOW! Regards, Bill H.

toujours à propos de cette vidéo présentant les soit disant réserves de GLD, lire les commentaires de Chris Powell



http://www.gata.org/node/10372



There's a vault with gold somewhere -- but whose vault, and whose gold?


Submitted by cpowell on Fri, 2011-09-02 02:57. Section: Daily Dispatches
11:08p ET Thursday, September 1, 2011

Dear Friend of GATA and Gold:

On CNBC today reporter Bob Pisani was shown being put in a van whose windows had been covered, being driven around London for a while, being walked through an unidentified room containing pallets of gold bars, and then being handed a bar whose serial number, ZeroHedge promptly determined (http://www.zerohedge.com/news/some-observations-bob-pisanis-visit-glds-v...), does not appear on the bar list of the inventory claimed by the sponsor of Pisani's mysterious expedition, the exchange-traded fund GLD, which had meant to dispel suspicions about its gold holdings. You can watch the CNBC report here:

http://video.cnbc.com/gallery/?video=3000043030

For all Pisani or anyone besides his handlers knew, he could have been in the basement of the Bank of England, and the bars he saw could have belonged to the bank itself, to Ireland's Central Bank, or maybe even Venezuela's. Indeed, maybe the Venezuelan ambassador to Britain got the same tour last week, without the blindfolds, in an effort to dissuade his master back in Caracas from repatriating anything and thus making trouble for the fractional-reserve gold banking system and its gold price suppression scheme.

As the custodian for so much foreign-owned gold, the U.S. Federal Reserve may play the same sort of game at the vault of the Federal Reserve Bank of New York. On Mondays the German ambassador may be invited to visit gold he is told is Germany's. On Tuesdays it may be the Italian ambassador's turn. Wednesdays may be reserved for the Swiss ambassador -- yes, even Switzerland, with its mountain fastnesses, is said to keep much of its official gold in New York. (See http://www.gata.org/node/7189.) The Belgian ambassador may visit on Thursdays, as a couple of months ago the Belgian central bank acknowledged that the location of 43 percent of its gold reserves couldn't really be determined, as that much had been lent out. (See http://www.gata.org/node/10031.) Fridays could belong to the managing director of the International Monetary Fund, whose gold, while always being sold or contemplated for sale, has never actually been located either, despite questions posed to the IMF by GATA and clumsily evaded three years ago (http://www.gata.org/node/6242) and a question posed by a member of the U.S. House Committee on Domestic Monetary Policy at a hearing in June (http://www.gata.org/node/10037).

Yes, thanks to today's report on CNBC, it seems that there's gold in a vault somewhere in Britain. But whose vault is it really, and to whom does the gold really belong? How many claims are there against it?

Keeping CNBC's Pisani in the dark, the GLD people didn't answer those questions, but rather made them only more compelling. For keeping him in the dark, at the end of his report Pisani actually thanked them. We do too.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GLD /hsbc le système frauduleux de l'or papier utilisé à satiété par les bullions banks va leur exploser à la figure et un beau matin,

GLD ouvrira en baisse de 50% et l'or en hausse de 200$



c'est aussi ce qui se passera d'une manière plus générale et pour l'ensemble du systéme monétaire internationam, basé sur des mécanismes tout aussi frauduleux



je vous invite à lire l'excellent papier de Dave à ce sujet



http://truthingold.blogspot.com/2011/09/what-exactly-happened-today.html

le hedge fund de Paulson ( pas le Hank Paulson du trésor us... pas confondre ) procéde à des allégements significatifs de GLD ( un tiers de ses positions ), tandis que Soros les augmente



à noter

- qu'il y a double avantage pour nos millionnaires hedgies, à privilégier les fonds alloués , plutot que du GLD, à la fois pour la discrétion ( aucune obligation de déclarer ses positions ) mais aussi la SECURITE !!


- et que Soros n'est pas le baissier sur l'or, qu'il prétend être

Citation :

There is also the real possibility that Soros’ fund, like other hedge funds, may have opted to own allocated bullion rather than a gold trust. Some hedge funds have opted for allocated gold bullion due to it being more discreet with a lack of disclosure (no quarterly filings), due to the lower long term costs and due to allocated accounts having less counter party risk than a trust with many indemnifications.

source

gld / slv : mécanisme de manipulation des cours de l'or et de l'argent / Andrew Maguire

Comment ça fonctionne?

un article d'anthologie, à lire absolument !

on soupçonnait depuis de début que ces 2 ETF étaient bel et bien des instruments de manipulation du cartel,

Andrew Maguire, confirme et surtout explicite parfaitement comment ça marche ! ( l'explication est donnée pour GLD, mais ça marche exactement de la même façon pour SLV)



ce qu'il faut comprendre c'est que les "paniers" de Gld sont vendus ou achetés par un nombre limité de participants autorisés :



( chaque panier représentant 1000 parts ou actions de GLD, d'une once troy )

JPMorgan, Merrill Lynch, Morgan Stanley, Newedge (un joint venture entre Société Générale et Credit Agricole CIB), RBC, Scotia Mocatta, UBS et Virtu Financial.

liste éloquente,

qui se servent donc de ce privilége pour manipuler à la baisse, en utilisant le privilége de vente à découvert, lorqu'il n'y a pas assez de physique disponible dans l'ETF, ce qui se produit évidemment à chaque fois que le marché est tendu !



je vous laisse découvrir les explications détaillées et fort intéressantes ici :



http://www.tfmetalsreport.com/blog/4327/guest-post-price-suppression-mecanics-gld-and-slv-andrew-maguire

les 2 ETF sortent de la sphére de régulation des marchés britanniques, et comme ils ne sont pas soumis à la régulation US,

Citation :

GLD, the New York Stock Exchange-listed gold exchange-traded fund, appears to have quietly removed key investor protection with the apparent agreement of United Kingdom regulators.



By imputation, the same change in regulation applies to the silver ETF SLV, though less obviously so.

A revision to GLD's prospectus appears to have absolved its custodian and trustee from having to comply fully with the custody rules of the U.K. Financial Services Authority, a change that must have been undertaken with the agreement of the FSA and by implication the Bank of England, which oversees the London bullion market and is party to the London Code for Non-investment Products (the NIPS Code). This code now guides the actions of the management, trustees, and custodians of both ETFs.

ce qui laisse encore plus de latitude aux gardiens respectifs, Jpm ( pour SLV) et HSBC pour GLD, de bidouiller en toute tranquillité sur le métal dont ils ont la garde !

pour mémo, je vous rappelle que , les parts d'etf GLD et SLV sont éligibles à la livraison sur le comex, : as good as gold ( or silver )

http://gata.org/node/11965



en complément le podcast d'Alasdair Mac Leod, relatif à ce sujet

http://www.goldmoney.com/podcast/alasdair-macleod-on-safety-issues-with-gld-and-slv.html?gmrefcode=gata

les hedges funds vendent GLD

il eut été étrange qu'il en soit autrement, puisque nous avons vu ces derniers temps à quel point les HF sont bears sur les futures de l'or.
ils se délestent donc ( voir shortent ) de concert GLD, ce qui est un excellent signal contrarian
==> 106 tonnes d'or pâpier vendues pour le seul mois de février 2013, Georges Soros ayant réduit son exposition de 55% au dernier quadrimestre 2012
 
Encore une fois on confond les ventes avec les baisses de stocks, c'est à dire les livraisons !

Citation :

Gold Sales From Soros Reveal 12-Year Bull Run Decay: Commodities




By Nicholas Larkin & Debarati Roy - Mar 12, 2013 9:27 AM CT

Gold’s worst start to a year in a quarter century and the biggest sales by
investors on record are increasing concern that bullion’s longest rally since
the end of World War I is ending.

Investors sold 106.2 metric tons valued at $5.4 billion from exchange-traded products in February,
the most since their creation in 2003, data compiled by Bloomberg show. Another
26.1 tons was cut since then. Credit Suisse Group AG and Barclays Plc say the
12-year rally will peak in 2013 and billionaire George Soros
reduced his stake in the biggest ETP by 55 percent in the last quarter. Prices
are within 5 percent of a bear market after
the longest run of monthly losses since 1997.



Hedge
funds are now their least bullish since 2007 as economies accelerate
and Federal Reserve policy makers review stimulus. Bullion as much as doubled
after central banks, led by the Fed, started buying more than $3.5 trillion of
debt from December 2008 to restore growth. With global equities at a four- year
high and the dollar near its strongest in seven months, eight of 13 analysts
surveyed by Bloomberg said they expect lower average gold prices in
2014 than this year…

http://www.bloomberg.com/news/2013-03-12/gold-sales-from-soros-reveal-12-year-bull-run-decay-commodities.html

Alasdair Macleod confirme que le gardiennage des etf GLD et SLV n'est absolument pas controlé par le gouvernement anglais,

ce qui évidemment laisse toute latitude aux bullions banks et notamment à JPM et HSBC pour piocher dans les réserves, à leur convenance

http://www.goldmoney.com/gold-research/alasdair-macleod/the-role-of-gld-and-slv.html?gmrefcode=gata